Connect with us

Business

Bitcoin whale’s $137m splash fails to lift crypto

Published

on

A Bitcoin whale has parted with $137 million to increase the digital asset’s holdings.

A whale is an individual or entity with large amount of Bitcoin.

However, the whale behind this huge investment is unknown.

Ripples Nigeria gathered that the whale has been buying the asset since Bitcoin hit the all-time high of $68,990.90.

The recent acquisition, according to BitInfoCharts, was the purchase of 2,700 Bitcoins to up its holding to 118,017 BTC.

This brought the value of the whale’s Bitcoin holdings to $6 billion.

READ ALSO: Bitcoin investors lose $193.13bn, as Omicron restrictions fail to change crypto sentiment

The whale’s purchase, which could be considered as a support for the declining asset, did little to push it out of the red zone.

The asset’s value dropped by 1.09 percent on Wednesday as sell pressure persists in the market.

Bitcoin traded at $50,432 after hitting its highest value of $51,221.7 in 24hours.

Since hitting its all-time high in November, Bitcoin’s value has gone down by 26.9 percent looking at its current price, losing $18,558 in the last three weeks.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now

Investigations